October BLS numbers show shocking job growth!
The U.S. Bureau of Labor Statistics (BLS) October 2015 report showed employment increased by 271,000 jobs. This month had a significant increase in jobs compared to the past year, where employment growth averaged 230,000 per month. The unemployment rate declined slightly to 5%, from 5.1% in the prior two months, continuing to be the lowest level in seven years.
Average hourly earnings rose by 9 cents in October to $25.20, compared to a gain of 1 cent in the month prior. Hourly earnings have risen by 2.5% over the past year – the biggest increase since 2009.
Professional & Business Services
Employment in professional and business services added 78,000 jobs with 46,000 of the job gains occurring in administrative and support services. Kristin Carpenter, Director of Operations in San Diego, commented on Eastridge’s Administrative Division, “In October, we have seen an increase in Customer Service positions on a temporary and direct hire basis. This is usually a common trend around the holiday months, however this year; we have seen that clients are ramping up their call center staff earlier than expected. We have encouraged clients to act fast by starting candidates in temporary roles as soon as they identify the right person for the opportunity.”
Healthcare added 45,000 jobs in October, adding 495,000 jobs over the past year. Eastridge’s Healthcare Division has seen a drastic increase in Medical Billers due to the new ICD-10 code implementation that occurred on October 1st. ICD-10, an international diagnosis classification system, provides higher quality information for the Healthcare industry with an increased use of automated tools, lower administrative costs, and reduced coding errors. To respond to the high demand, candidates with exposure to ICD-10 should put that experience or education on their resume, no matter their level of expertise.
Construction employment increased by 31,000 in October, following little employment change in recent months. Over the prior year, construction has added 233,000 jobs. Jason Bruckman, Vice President of Workforce Recruitment in Las Vegas, commented on the job gains in the construction industry, “There has been a strong shift from temporary-to-hire jobs to direct hire positions as the construction labor market continues to grow. In the construction division, we have placed more direct-hire candidates in the last 3 months than we have in the past year. As there is only a low supply of candidates available to fill the high demand we have seen in this industry, we encourage hiring managers and recruitment teams to move quickly to fill these positions.”
What Companies Need To Do
Tim Merri, Executive VP of Workforce Recruitment, commented on the imperative for adopting recruitment technology, “Results from our recent Talent Acquisition Assessment show that 41% of respondents do not currently use an Applicant Tracking System (ATS), with 50% of these respondents tracking and storing candidate resumes manually. Companies that integrate recruitment technology into their hiring processes are better able to track the following metrics:
- Retention rate
- Annual turnover percentage
- Job offer to acceptance ratio
Sticking to outdated methods creates gaps in talent acquisition performance, causing most companies to lose top candidates to their competitors. Companies should remain aware that the low unemployment rate further proves that positions are becoming harder to fill as the talent pool continues to shrink.”
Improve your Hiring Processes
Eastridge Workforce Solutions created the Talent Acquisition Assessment to help organizations assess their current hiring processes and recruitment technology. See the results or contact us to learn how we can help you improve your hiring processes.